Forbes just revoked Adam Neumann's billionaire status and lowered its estimate of his personal net worth to $600 million — which means his purported net worth has plummeted by $3.5 billion in just 7 months

Taylor Nicole Rogers

10/11/2019

Tell your friends

Photo by Jackal Pan/Visual China Group via Getty Images

Photo by Jackal Pan/Visual China Group via Getty Images

Forbes estimates that former WeWork CEO Adam Neumann 's net worth has plummeted from $4.1 billion in March to $600 million as of October 10.

The $3.5 billion drop in Neumann's personal net worth was the result of the declining value of Neumann's 18% stake in WeWork, Forbes reported. WeWork was valued at $47 billion in January following an investment from Japanese investment firm Softbank. However, the company reportedly sought a valuation as low as $10 billion in September as public scrutiny over its steep losses and leadership structure threatened its IPO . Forbes now estimates that the company is worth "at most $2.8 billion."

A representative for Neumann declined Business Insider's request for comment on whether Neumann's net worth had fallen below $1 billion.

Forbes does not believe that either Neumann or McKelvey who the publication says is now worth $400 million will likely rejoin the three comma club.

Neumann founded WeWork in 2010 alongside his now-wife Rebekah Neumann and Miguel McKelvey. Concern from potential investors over the company's finances and corporate governance issues pushed Neumann to resign as WeWork's CEO on September 24.

Have you worked for Adam Neumann or WeWork and have a story you'd like to share? Contact the reporter via encrypted messaging app Signal at +1 (646) 768-4725using a non-work phone, email at trogers@businessinsider.com , or Twitter DM at @TaylorNRogers. (PR pitches by email only, please.)